Rafe Furst, former Full Tilt board member facing charges in the U.S. v. PokerStars Black Friday case, entered into a settlement agreement with U.S. Attorneys that sees the poker pro admit no wrongdoing, but requires him to forfeit an undisclosed amount of funds.
The Stipulation and Order of Settlement was entered by Judge Kimba M. Wood on Nov. 27, as reported by DiamondFlushPoker. The order calls for Furst to forfeit all funds in a trust account (Telamonian Ajax Trust) controlled under his name in a Swiss bank. The settlement order does not divulge the amount of the trust account. However, the U.S. Attorneys Office was seeking more than $11 million as the "amount representing the sum of alleged criminal proceeds transferred to Furst from Defendant entity Full Tilt Poker."
Furst admits to being "unaware of any wrongful activity at Full Tilt or that the company had become unable to satisfy its player account liabilities." Also, Furst has agreed to the payment of $150,000 as a civil forfeiture judgment and cannot again work for "any Internet gambling business in the United States" until such gambling is legal and he is cleared by any regulatory authorities. The money from the trust account and the civil forfeiture judgment will go toward the Full Tilt remission fund to be payed to U.S. players.
Its interesting to note that the Order of Settlement mentions the fact that "victims of offenses alleged in this action to have been committed by Full Tilt Poker will have the opportunity to file petitions" with the DoJ for remission of funds. In other words, the fact that players in the U.S. will be getting their money back was taken into consideration by the court in allowing the settlement to be entered. Time will tell if such considerations will also be granted to Chris Ferguson, Ray Bitar and Howard Lederer.
Finally, Furst admits no liability or guilt in agreeing to the settlement.
If you'll recall 14 months ago, Furst was the only board member who said anything at all to the public about the Full Tilt fiasco. He sent an open letter to the poker community in which he stated that he had "nothing to hide" and urged people to "consider that not everything you read is true, and our society is built on a presumption of innocence until proven otherwise."